Debt Management Plan a Better Solution Than Bankruptcy

When people are into debts they start thinking often that Bankruptcy is the only option left for them, however as per there individual debt problem this may be not the best and only option left. Therefore, they should think that this is one of the best options and i.e a 'Debt Management Plan' because Bankruptcy comes with limitations and formal arrangements but a debt management Plan provides flexible and informal arrangements.
An informal agreement formed by Debt Management Company between you and your creditors to manage your debts. A Debt Management Plan (DMP) is a repayment plan that helps make unsecured debt repayment affordable. A third party i.e. yours Debt Management Company works on your behalf to negotiate with creditors to reduce your monthly payments to a more manageable level.
If one experiences debt problems and feel that Bankruptcy is the best option for them, in this case they need to be aware about the fact that any asset; they own are at risk. Assets, such as your home, property, any valuable items, etc, these can be used to pay off your debts. If one files for Bankruptcy, it can be a problem for opening a new bank account in future and also without a bank account.
Bankruptcy can also affects your future planning and affects the Credit ratings and it can be really hard to re-start a secure living with a normal financial status. If someone wants to maintain there home, creditors and also a respectful living then one should consider for a 'debt management Plan'.
We understand how stressful this time can be for our clients, so we work as quickly as we can to deal with your creditors and get the process moving; our team are always looking for new ways to make this process as fast as possible but as you'd expect, there are a few obstacles in place to slow us down.
Obtaining information from Barclays, for example, can be like trying to get military secrets out of North Korea. We get a standard pre-prepared response which outlines their resolve to shun western conventions such as helpful call centre staff or debt management departments who use email. Instead we are given no other option but to send our correspondence in the post and wait for Barclays to sort, read and reply to our query.
Despite these problems, a vast majority of creditors and collectors are now accepting payments by BACS (Bankers' Automated Clearing Services) which is much quicker than cheques. And a growing number of creditors (Allied International Credit, Moorcroft, Apex and JD Williams but to name but a few) are also now communicating with us by email, eliminating the need to wait for their letters in the post.
Each day our team is trying to communicate with creditors and grow relationships so that we can improve the processes - for you - our clients. We're finding more logical, time and cost efficient methods of progressing a client's Debt Management Plan with as little inconvenience and stress to either party.
If anyone is experiencing debt problems and looks an immediate relief; 'Debt Management' programme is one the most successful and less destructive process than filing for Bankruptcy.
Any assistance or queries about Debt Management Plan; Contact us on 0800 135 7143. Our advisors will be more than happy to provide a free service and best option as per your affordability and feasibility.
For any debt management related queries please visit debt management UK.

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